Is Time Square really that great?

I'm really not as cynical as I am going to come across and I really don't have anything at all against a good party of anyone who wants to have a good party, but I know I'm not the only one who is sick of New Years Eve celebrations. I mean come on, do we really need three networks, plus cable, carrying different broadcasts of one million people crammed into Times Square with no bathrooms, just to see the ball drop? I just don't get it. Perhaps you'll ask if I've been to Times Square for this event and the answer is no, but I was living in London for one New Years and that was crazy enough... or so I'm told. Conversely, I was in Zurich for New Years one year and I don't think anyone even knew or if they did, they sure as hell weren't playing concerts on every street corner because they needed a new calendar.
My point is only that people make way too much out of a holiday that really has not substance. While almost all Americans have New Years' Day off, nearly half have to work on Martin Luther King Jr's birthday, which is also a federal holiday. What is wrong with this picture? Just my random thoughts for the evening. Feel free to disagree!